Philips is feeling the pinch of the recession, announcing a huge dip in profits, and the sacking of 6,000 employees over the next year.
The Dutch electronics giant says its net loss for 2008 has hit £175 million, following a slump in demand for its products.
The job losses will take effect worldwide, and are due to be staggered over the next year.
Philips chief executive Gerard Kleisterlee said the company would be “speeding up restructuring and adjustment measures,” and that “the fourth quarter results reflect the serious consequences of the global financial and economic crisis and the measures taken by management accordingly.”
It’s the latest in a long line of sticky financial results, and follows redundancies by Microsoft, Google and Sony.
TBC | £TBC | Philips announcement
